USA: Wheat up after deep losses, Russian tender move confuses

Published 2024년 10월 22일

Tridge summary

Chicago wheat prices increased on Monday due to bargain buying after a sharp decline on Friday, which was influenced by improved weather in major growing regions like Russia and the U.S. Soybeans and corn also experienced price rebounds, partially recovering from Friday's losses. The market faces pressure from expectations of a large Australian crop despite some weather damage and weak demand. Uncertainty arises from Russian export restrictions, as Russian grain exporters plan to sell directly to sovereign buyers, complicating foreign trading subsidiaries' roles. This could benefit other wheat origins if Russia loses sales in tenders due to its minimum export price policy.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chicago wheat rose on Monday, with bargain buying supporting after prices fell almost 3% on Friday on expectations of improved weather in key growing areas. Soybeans and corn rose, recouping some of Friday’s losses. “It is combination of two factors which pressured prices. There is improved weather in Russia and U.S. for wheat planting and demand is pretty subdued,” a Singapore-based trader said. “Buyers are not active in the market as they are looking at a big crop from Australia despite some damage from dryness.” Chicago Board of Trade most-active wheat Wv1 rose 0.6% to $5.76-1/4 a bushel at 1005 GMT after on Friday falling 2.8%. Soybeans Sv1 rose 0.7% to $9.77-1/4 a bushel, having dropped sharply on Friday, corn Cv1 rose 0.6% to $4.07-1/2 a bushel. Rain forecast for some parched wheat areas in southern Russia and the central United States eased worries about dryness hampering plantings for the 2025 crop, though drought was still seen as a risk. Dryness in south Australia is ...

Source: Hellenic Shipping News